Having to purchase them without getting the complete picture of the potential issues or something else? 

This can include coordinating around tax strategies, estate planning, and cash flow management—all while considering your real estate portfolio as part of your larger financial picture.

Of course capex does come into play, but I have a lot of factors on my side including most major components of the property have been replaced already, including roof replaced 2 years ago, water heater replaced 3 years ago, full house was just repiped, septic system is 5 years old, HVAC system replaced in last 7 years, i do not cover appliances with warranty in my rentals, and the tenant I placed in the property is a single dude who works 60 hours a week and just needs a place to sleep.

Use the holding costs recouped from the mfu to cover new holding costs on the primary residence, and likely pay oop on the PITI with PMI10.

Given these concerns, you might consider asking the seller to either repair the issues or offer a credit to cover estimated repair costs.

To me, any liquidity qualifies: bank letters, bank statements, stocks in an investment account that covers down payment, etc.Today, I got a letter from a hard money lender saying the buyer is approved for 1/2 the listing price of the property.

The question is, what is your bottom line and will the rents you can charge cover that?

Now I know that the Cap Rate is not the whole picture but I also don't want to overpay for an investment like this either. 

My first six Section 8 tenants I did not get paid for first four months AFTER the tenant moved in, so I had to cover those carrying costs out of my pocket.

.* The importance of consulting a CPA—The Section 179 election can be a valuable tax strategy, but it’s also complex and should be made in the context of your entire tax picture.